Sze’s Azentus Fund Down 6.8% In 2011

Jan 10 2012 | 10:04am ET

Former Goldman Sachs trader Morgan Sze’s Azentus fund, launched to great fanfare last April, lost 6.8% in 2011.

Reuters, citing two sources with “direct knowledge of the matter,” says the Hong Kong-based multi-strategy fund was hit by a sharp drop in Chinese shares.

Sze launched the fund with about $1 billion in April 2011, the largest Asia launch of the year. Azentus now manages $1.9 billion.

Reuters’ sources say Sze’s fund did well for the first six months of 2011 before coming to grief in September, mostly due to its Chinese exposure, as Chinese stocks measured by the MSCI China Index shed 20%. Most of its losses came from investments in Chinese stocks listed in the U.S.

The fund was down 1.4% in December and 1.7% a month earlier, says the news agency, and begins 2012 with 120% gross exposure (the sum of its long and short positions).


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note